The Basics of Selling a Home

Before listing your house, there are important steps to take in order to protect your interests and get the most return.

The prescribed process for selling a home varies from state to state. Most real estate agents will be glad to help figure out the market value of your house. They will also give you advice about what to do to increase property value.

A licensed appraiser can perform an appraisal on the property for a fee and will give you a detailed report that includes items like area property values in comparison to your own, a synopsis of the real estate market in your location, and issues that might adversely impact property value.

It is useful to have an idea what it will cost you to sell. If you are using a real estate agent, they can give you a precise estimate of the closing costs and any other fees that may be involved. If you are planning to sell yourself, consider the costs of advertising, signage, title company services, and any other possible fees (e.g., attorneys, appraisal, inspections, surveys, taxes and home owner association fees).

Call your current lender to check the mortgage pay off amount. Subtract the mortgage pay off from the fair market value of your home. Then subtract the costs of selling your home from the remainder order to get an idea of the cash you can expect to be paid at closing.

If you are planning to buy another house, get pre-approval for the mortgage before you close on the sale of your current home. If your financial picture has changed since purchase of your current property, you might not qualify for a new loan. You may not be able to sell your house at the price you need to purchase the property you want. Either way, if you wait to close on your current home until you’re sure of your financial situation, you won’t end up in housing that you don’t want to be in.

Make repairs either yourself or by hiring a contractor. If there are too many repairs needed, your home will be considered a fixer upper by agents and buyers. Small repairs could be made by adding a fresh coat of paint, repairing flooring, or spackling and painting picture hanger holes in the walls. Larger repairs may involve fixing damaged siding or replacing roof shingles. Mold and mildew odors and stains, damp basements, broken gutters, plumbing problems, and faulty electrical wiring are other “buyer interest dampeners” that should be attended to before listing your house.

Finally, get everything as spotless as you can. Clear out clutter and get rid of offensive odors. Organize shelves and closets, clear out cobwebs, and dust blinds and ceiling fans. Make the exterior sparkles by washing windows and having a neat and healthy lawn. Add to landscaping if you need to by adding potted plants and shrubs.

When your home is ready to show keep it available to real estate agents to show as needed. Potential buyers tend to be more at ease looking over a house when the owner isn’t there, so clear out and take a walk or run a quick errand. If you’ve prepared everything right, your house will sell itself!

Selling Your Home Resources

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